According to a press release sent to the Budapest Business Journal, Schoenherr’s real estate practice has played a prominent role in landmark deals in Hungary in the last three years. The jury acknowledged the firm’s achievements in a three-stage voting process conducted by a panel of more than 100 experts from the real estate, investment, architecture and construction sectors.
“I am extremely proud of our real estate team for their unwavering dedication and exceptional support,” said László Krüpl, head of Schoenherr Hungary’s real estate and construction practice. “This award confirms that we are heading in the right direction in the real estate sector. We remain committed to working tirelessly to provide our clients with the highest-quality legal services.”
Schoenherr’s key work highlights include two built-to-suit projects executed for OTP Real Estate Investment Fund (a major Hungarian real estate market player) concerning the development of new headquarters for Rossmann Hungary and a new Hungarian site for ZF Chassis, both German companies. The Rossmann deal was the largest BTS development in Hungary in 2023-2024.
Other notable transactions include renewable greenfield projects, such as support for the Swiss company MET in acquiring a 52-hectare plot of land in Kaba (198 km east of Budapest) via a share deal and completing two 150 MW solar projects. In addition, the Schoenherr team worked on several asset deals in the industrial sector, including two for the Belgian company Bontexgeo and one for the Chinese company Fiberhome.
The BUX, the leading index of the Budapest Stock Exchange (BÉT), closed November with an outstanding result of 77,936.21 points, up 5.5% on October, the bourse reported.
Spot turnover amounted to HUF 389.3 billion, with a daily average of HUF 19.47 bln. The largest turnover generators were OTP Bank, Gedeon Richter, and MOL, with HUF 296.8 bln, HUF 36.5 bln and HUF 30.9 bln, respectively, while brokerage companies Wood & Company, Concorde and ERSTE stood out.
Several significant international and domestic factors influenced the performance of the capital markets in November: inflation, the geopolitical situation and central bank policy.
On the U.S. markets, the leading equity indices, such as the S&P 500, showed modest gains, thanks to expectations of a U.S. interest rate cut and inflation easing. However, geopolitical tensions increased volatility. In Europe, equity markets were affected by concerns over the energy crisis and the slowing German economy, holding back growth.
In contrast, the domestic capital market continued the positive trend seen in recent months. The index closed at 80,056.08 on Nov. 26, setting a new daily record.
This article was first published in the Budapest Business Journal print issue of December 13, 2024.
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